19 Jan Ripple (XRP) Bounces Back 66% – Here’s What to Expect
Since the start of the Korean dilemma, Ripple (XRP) was leading as the worst performing cryptocurrencies, due to its significant dependence on Korean markets. The subject of regulation has substantially impacted ripple’s price in the last seven days. Its price plunged to almost $1 in early trade on Wednesday, down sharply from an all-time high of $3.83 on January 4.
However, Ripple bounced back sharply in the evening trade on Wednesday and extended the rally into the Thursday trade. After losing 73% of the price in the last two weeks, the digital currency is up more than 66% in Thursday trade alone, leading the cryptocurrency rally.
Trading close to $1.63 at the time of writing, its market capitalization is standing close to $63 billion. Ripple required the sustainable rally to march towards its earlier all-time high of $3.83, which is dependent on the South Korean decision.
South Korea has announced to take a final decision on Thursday. Thus, investors are eagerly waiting for the announcement. Some of the traders are making bullish bets on ripple, amid expectations for the soft regulatory requirements.
Bullish traders believe that Korean government should only ban anonymity at exchanges that are paving the path for money laundering. And, they believe South Korean authorities will not completely ban the cryptocurrency trading.
In a national policy committee meeting on Thursday, Choi Jong-ku, who is the head of South Korea’s Financial Services Commission said, “The government is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law.”
Answering to reporter’s question, Lee Ju-yeol said, “cryptocurrency is not a legal currency and is not being used as such as of now.”
China is also one of the countries that are making strict regulations for the virtual currency trading. The country is now looking to completely ban any type of centralized trading of digital currencies.
At present, the majority of investors are buying ripple and other cryptocurrencies in order to make the profit from its price expansion: they are not buying the ripple for transactions.
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